Business
200 MW acquisition in California
200 MW acquisition in California.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n 17 February 2023\n \n \n \n \n Gore Street Energy Storage Fund Plc\n \n \n \n ('GSF' or the 'Company')\n \n \n \n \n \n \n 200 MW acquisition in California\n \n \n \n \n First acquisition in CAISO grid,\n \n \n \n and the\n largest acquisition to date in the US\n \n \n \n \n Gore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund supporting the transition to low carbon power in the UK and internationally, is pleased to announce that it has agreed to acquire Big Rock, a 200 MW / 400 MWh energy storage project (the \"Project\") located in Imperial County, California, United States from Avantus (the \"Seller\" - formerly 8minute). \n \n \n Following this acquisition, GSF's internationally diverse portfolio will consist of 27 projects with a total capacity of 1,173.2 MW of operational and construction assets across the UK, Ireland, Germany and the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) grids within the US, offering investors exposure to five different grid partners. Big Rock will be the Company's first investment in California and further diversifies the Company's revenue streams and geographic exposure. The Project will be connected to CAISO, one of nine independent system operators (ISO) in North America. The CAISO grid provides electricity to 80% of California and a small part of Nevada.\n \n \n CAISO offers a particularly attractive opportunity for energy storage investment due to California's significant deployment of solar capacity and ongoing retirement of baseload thermal generation across the state, creating significant opportunities for services that aim to deliver stability to the grid. The asset will support CAISO's grid by providing ancillary services while also participating in the capacity market (Resource Adequacy) and wholesale trading.\n \n \n The construction-ready Project has secured material land rights, planning consents and a grid connection scheduled for H2 2024. Commercial operations will commence shortly thereafter as a battery supply contract for all battery cells for the two-hour duration site, and engineering procurement and integration contracts have been secured.\n \n \n The Project will be eligible to benefit from an investment tax credit for up to 30% of qualifyin...